Tag: FTX

Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 1]

boss

Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam Bankman-Fried. As the saga unfolds, check below for the latest updates. Oct. 3: SBF trial begins The trial of Sam Bankman-Fried began on Oct. 3 with jury selection. Bankman-Fried is charged with seven counts of conspiracy and fraud in connection with the collapse of FTX, the cryptocurrency exchange he co-founded. He has pleaded not guilty to all charges. The case is being heard by Judge Lewis Kaplan, who has presided over a long…

Sam Bankman-Fried’s FTX Spurred Almost $300M Loss for Crypto Market Maker Jump Trading, Michael Lewis Says in ‘Going Infinite’

The book says Jump was “near the top” of the list of FTX’s 50 “biggest accounts whose owners had been unable to remove their money from the crypto exchange,” Lewis wrote. Jump Trading lost $206 million while its affiliated trading firm, Tai Mo Shan Ltd., lost more than $75 million, according to the book, which cited documents discovered by Constance Wang, ex-chief operating officer of FTX. Source

As trial begins, Sam Bankman-Fried’s lawyers push to exclude testimony from FTX users

boss

The criminal trial of former FTX CEO Sam Bankman-Fried (SBF) is currently underway in New York, and his legal team has filed motions aiming to ban testimony from users and investors in the exchange. In separate Oct. 2 filings in United States District Court for the Southern District of New York, SBF’s lawyers opposed pre-trial motions from prosecutors requesting FTX customers and investors testify regarding how they believed the cryptocurrency exchange would handle assets. They also sought to block the testimony of a former FTX user — an unnamed Ukrainian…

The Collapse of FTX, in Sam’s Own Words

We may not know for weeks whether Sam Bankman-Fried will take the stand at his own trial. He may want the chance to explain himself to the jury, but his lawyers are surely wary of the withering cross-examination such a tactic would invite. No matter: the unconventional former crypto executive has already said – publicly – plenty about what went down in FTX’s final days. Source

Class-action suit filed against Binance for alleged harm to FTX before its collapse

boss

A class-action suit was filed against Binance.US and Binance CEO Changpeng Zhao on Oct. 2 in the District Court of Northern California alleging various violations of federal and California law on unfair competition for attempting to monopolize the cryptocurrency market by harming its competitor FTX. The suit was brought by Nir Lahav, who is identified only as a California resident.  At issue are posts made by Zhao on Twitter (now X) in early November on the eve of FTX’s collapse. The posts were made in conjunction with the decision by…

On Eve of FTX Founder Sam Bankman-Fried’s Trial, Defense Team Scopes Out Possible Arguments

The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors could secure massive recoveries in the exchange’s ongoing bankruptcy case, and whether the one-time FTX executive can mention his charitable giving and philanthropy. Source

FTX Founder Sam Bankman-Fried’s Closest Friends Will Testify Against Him. Here’s Who Else We’ll Hear From

Brian Kim, a data analytics and forensics expert, may speak to internal messaging between Bankman-Fried and his employees at FTX and its sister companies. If he is called to the stand, he may testify on “the content, metadata, and file paths associated with Slack data and Google documents,” that allegedly prove Bankman-Fried instructed his employees to destroy evidence of his companies’ alleged fraud. That data would include “the fields [of documents and messages] listing the author, custodian(s), and viewer(s), as well as the content created, modified, viewed, saved, and/or deleted…

FTX Customers Remain Bullish on Crypto despite Losing Fortunes

While FTX customers remain optimistic about the future of cryptocurrency, their battle for compensation continues. As Sam Bankman-Fried (SBF), the former CEO of the defunct FTX exchange faces criminal charges,  customers who lost significant sums in the debacle remain bullish on crypto. In a new CNBC documentary premiering later today, they share their experiences and explain why they remain optimistic about the industry, even after losing everything. The Crypto Bullishness Evan Luthra, an app developer, entrepreneur, and angel investor, stands as a testament to the unyielding spirit of crypto enthusiasts.…

FTX Japan Launches Blockchain-based Proof of Solvency to Enhance Transparency and Security

In an effort to enhance transparency and bolster the trust of its customers, FTX Japan has unveiled a blockchain-based technology known as Proof of Solvency (PoS). This initiative was announced by Seth Melamed, the COO of FTX Japan, through a series of tweets on September 28, 2023. The newly introduced Proof of Solvency mechanism enables the company to prove, in an unalterable manner, that the reserves of the exchange surpass the assets held in custody for customers. Proof of Solvency (PoS) is a method utilized to demonstrate a company’s capability…